JERUSALEM, Oct. 13 (Xinhua) -- Israel Chemicals company (ICL) reported on Friday evening that it had signed contracts to supply potash to customers in China in deal worth 262 million U.S. dollars, with an option to increase it to 371 million U.S. dollars.
The deal includes a supply of 905,000 tons, with an option to increase it by another 375,000 tons.
The price agreed upon is 290 U.S. dollars per ton of potash, about 60 U.S. dollars higher than the price set in previous contracts signed with its Chinese customers last year. According to the agreement, ICL will supply the potash by June 2019.
In August 2018, ICL reported that it signed a potash deal with a customer in India of 775,000 tons from September 2018 to June 2019 at a price of 290 U.S. dollars per ton, 21 percent higher than in previous contracts.
This new price is similar to the prices of the Indian market recently announced by other potash producers.
ICL is a specialty minerals and chemicals company that operates three core mineral chains - potash, bromine and phosphates. It produces approximately a third of the world's bromine and is the world's sixth-largest potash producer.
The company extracts most of its raw materials from Israel's Dead Sea.
Founded in 1950, ICL is headquartered in the coastal city of Tel Aviv and employs about 11,000 workers
The ICL share, which is traded in Tel Aviv and New York, rose after the announcement by 1.5 percent on Wall Street.
Since the beginning of the year, ICL's share has risen by 48 percent in trading on Wall Street with its value reaching 7.9 billion U.S. dollars.
